State Street Bank Corp. Boston Under Investigation In Foreign Exchange Transactions

State Street Corporation, one of the largest custodial banks is under investigation by the Massachusetts Secretary of the Commonwealth, William Galvin regarding the pricing of its foreign-exchange transations. The bank has been alleged by others to have violated lawby overcharging customers for currency trades. According to one lawsuit already filed in the US district court in Boston, State Stree generated as much as $500 million in profits ANNUALLY a rate of profits that accounts for 50% of its foreign exchange profits over the last decade.